" /> Nifty Forms `Large Bear Candle' — Neal Bhai Report | Gold Silver Reports
Saturday, October 22nd, 2016 11:19 PM
Breaking News

Home / Sensex / Nifty Future / Nifty Forms `Large Bear Candle’ — Neal Bhai Report

Nifty Forms `Large Bear Candle’ — Neal Bhai Report

Nifty Forms `Large Bear Candle' — Neal Bhai ReportGold Silver Reports — Nifty Forms `Large Bear Candle’ —  The Nifty50 witnessed strong selling pressure in the second half of the trading session on Monday , but managed to close above the psychological support level at 8500. In the process, the index formed a `Large Bear Candle’ or `Long Black Day’ on the daily candlestick charts. 

The candlestick pattern formed on Monday closely resembled a `Bearish Belt Hold’. The only difference is that the pattern had a slight upper shadow.In a `Bearish Belt Hold’ pattern, the candle has a long body with no upper shadow and a small lower shadow.

The selling pressure intensified as technical stop losses got triggered when the Nifty50 moved below the 8,540 level. Now, a break below the psychological level of 8,500 can trigger further correction in the market.Traders should avoid creating long positions as of now.

The Nifty50 made a `Large Bear Candle’ on the daily candlestick charts, which shows that the bears kept the selling pressure throughout the session. The index broke below its crucial support level at 8,540 and traded below its 50-day EMA placed at the 8,653 level. The Nifty50 opened at 8,612 and rose marginally to an intraday high of 8615.

— Neal Bhai Report

Nifty Forms `Large Bear Candle’ — Neal Bhai Report

About Anil Yadav

Check Also

Brokerages Remain Positive on YES Bank, Raise Target Price

Gold Silver Reports — Brokerages Remain Positive on YES Bank, Raise Target Price — Notwithstanding the recent QIP withdrawal …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA